The 6th Annual Insolvency & Bankruptcy Summit (IBS) 2021
THEME: NEW NORMAL ERA - TRENDS, CHALLENGES, OPPORTUNITIES & FUTURE IN ASIA 8th OCTOBER 2021
Legal Era-Legal Media Group brings you the 6th Annual Insolvency Summit – a 1 day conference focused on highlighting the impact, trends, and future of the Insolvency and Bankruptcy Code (IBC) implemented in 2016.
Five years ago, IBC sought to reinvent the framework governing India's corporate insolvency resolution process and has since emerged as more than a credible deterrent for errant promoters. It aimed at the continuance of a company's function and management as opposed to its complete closure; Offering them a means of economic sustainability. As one of the most leveraged legislations for debt resolution and recovery, over 4300 cases have been submitted till March 2021. However, only 29% of these cases have been liquidated, and 7.9% were approved. Additionally, the average resolution time is 459 days, while the limit was set at 330 days.
Despite the considerable improvements upon the erstwhile architecture across various parameters, the outcomes have not been favourable. "Developed jurisdictions put operational creditors on par with unsecured financial creditors. Ideally, payments to unsecured financial creditors and operational creditors should be on a pro-rata basis," say industry experts. Financial and operational creditor recovery has been on the decline, Corporate Insolvency Resolution Process (CIRP) completions have been delayed, and the overall benefit seems to be in preference of larger cases. Of course, much of this has been heavily influenced by the Covid-19 pandemic.
The issue of massive haircuts taken by lenders under CIRP has also been raised by adjudicating authorities such as the NCLT. We all know that the Mumbai bench of NCLT, while approving the plan submitted by Twin Star Technologies, raised questions over the Vedanta Group’s Rs 2,962 crore bid for 13 Videocon Group companies, noting that the applicant was paying “almost nothing”. And that is now a developing news. After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries have recently approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm.
With this conference, we hope to analyse and dissect the IBC and its impact to better understand the mindset and hurdles being faced by operational creditors, promoters, and the response to the structural change. Eminent global experts, Former Judge, Supreme Court of India are set to discuss key subjects including cross-border insolvency, litigation funding, navigating distressed investing, rescue financing, and the challenges and opportunities that lay ahead in Asia.
Is the recovery rate likely to slip further as the IBC regime reopens after a yearlong hiatus? Will there be a new code for creditors, and if so, what influenced it? And most importantly, what will change, and how will we navigate this new normal?
Join Legal Era and the who’s who of the world of law and business in engaging and enthralling conversations as we dive into the several potential issues behind these results, like our slowing economy, uncertain prospects, and reduced buyer interests that determine the way forward.
Key topics are
✓ Cross Border Insolvency
✓ Cross Border Enforcements: Defaults & Asset Tracings
✓ Litigation Funding in IB disputes
✓ India Parliamentary Committee report: Issues, Recommendations & Implementation
✓ Navigating Distressed Investing In The Pandemic Era
✓ Rescue Financing
✓ Insolvency Practices in New Normal Era - How do we meet the Objective?
✓ New Normal Era - Trends, Challenges, Opportunities & Future India
✓ “Way Forward For Stressed Assets Resolution In India”
✓ Discussion on the IBC’s successes, improvement areas and some judgements to reconsider
13:00 - 14:00 IST
NEW NORMAL ERA - TRENDS, CHALLENGES, OPPORTUNITIES & FUTURE INDIA
India Parliamentary Committee Report: Issues, Recommendations & Implementation
- 14:30 - 15:15 IST
CROSS BORDER INSOLVENCY
- 15:15 - 16:15 IST
“WAY FORWARD FOR STRESSED ASSETS RESOLUTION IN INDIA”
- Evolution of corporate stress resolution over the last 5 years
- Strengthening the IBC Framework in light of the Parliamentary Committee report
- Alternatives to IBC for Stress Resolution
- Role of Distressed Investors
- 16:15 - 17:00 IST
CROSS BORDER ENFORCEMENTS: DEFAULTS & ASSET TRACINGS
- 17:00 -17:45 IST
NAVIGATING DISTRESSED INVESTING IN THE PANDEMIC ERA
- 17:45 - 18:30 IST
- 18:30 - 19:15 IST
LITIGATION FUNDING IN IB DISPUTES
- 19:15 - 20:00 IST
DISCUSSION ON THE IBC’S SUCCESSES, IMPROVEMENT AREAS AND SOME JUDGEMENTS TO RECONSIDER
- RCom - Airtel SAGA
- India Surgent - pay out to secured creditor
- Third Party Security
Amarjit Singh Chandhiok
Partner & Head - Insolvency & Corporate Practice
Co-founder and Partner
Founder and CEO
Executive Vice President & Chief Investment Officer
Chief Executive Officer
Founder & Senior Partner
Partner & Founder
Partner & Head Restructuring & Turnaround
Dr. T. K. Viswanathan
Ian De Witt
Justice A.K. Sikri
Jyoti A Singh
Kumar Saurabh Singh
Partner - Restructuring & Turnaround
Counsel (Foreign Law)
President (Group - Legal)
Co Head, Investment Banking Coverage
Group General Counsel
Managing Partner & Founder
Vijayendra Pratap Singh
Partner & Head Litigation